TL;DR: If you’re just here for a short answer to How much is $24 per hour per year? Answer: $49.920 excluding tax.
Maybe you just found a job posting or were offered a job that pays $24 an hour, so it’s time to do the math. How much is $24 per hour per year?
What about month by month, week by week, day by day? How much is there likely to be left after taxes is $24 an hour different for a freelancer and her W-2 employee in a company With these questions and a job that pays $24 an hour Let’s take a closer look at how well you’re doing.
How much is $24 per hour?
Let’s say you work full time, that is, 8 hours a day, 5 days a week, 52 weeks a year (including vacation days). Using simple multiplication, he can calculate how $24 per hour adds up in each period.
- every day: $24 x 8 hours = $192 a day
- Weekly: $192 a day x 5 days = $960 a week
- monthly: $960 per week x 4.33 (average number of weeks per month) = $4.157 per month
- Annually: $960 per week x 52 weeks = $49.920 per year
These are all grand totals. That is, earnings before taxes are deducted. The specific tax rate depends on where you live, whether you file jointly or separately, and what deductions apply. 25% is generally a good number for estimating federal and state taxes.
$24 per hour after tax
Using this 25% figure, you can multiply the previous figure by the remaining 75% to calculate the after-tax take-home pay you can expect to earn at $24 an hour.
- every day: $192 x 75% = $144 takeaway
- Weekly: $960 x 75% = $720 takeaway
- monthly: $4.157 x 75% = $3.117
- Annually: $49.920 x 75% = $37.440
you can use usa tax calculator More specific tax estimates. Note that if as a freelancer he earns $24 an hour, he will pay more because all her FICA taxes must be borne, not borne by the employer. .
Personally, I usually set aside about 1/3 of my income for this reason. (Learn more about self-employment taxes from the IRS here.)
Is $24 an hour a decent and livable wage in 2023?
The answer here is both simple and complex. it depends.
The biggest factor is simply where you live.If you live in Thailand and are a digital nomad earning US$24, you can live in luxury in a penthouse apartment. cheap town in iowa, would be able to afford to pay the mortgage on a decent house. But if you’re in a city like New York or San Francisco, $24 an hour can secure a closet with six of her roommates.
Let’s look at an example of a monthly budget for someone earning $24 an hour. Housing is one of your biggest expenses, so start there. As a rule of thumb, you should never spend more than 30% of your gross monthly income on housing.
Also budget 15% for savings. You can always save more if you can, but consider saving and investing a priority, not just “what’s left over after spending”. That’s the money you’re paying your future self to make your life better!
Net Monthly Income: $3.117
Depending on where you live, this kind of budget may seem very viable, or it may feel like you don’t have much to spare. If you’re a dual-income household, it’s much easier to cover all expenses and manage your savings.
Two people working full-time and earning $24 an hour have a net take-home pay of $6.235.
Looking to make your $24/hour wage as high as possible to live better and save more? If you put your mind to it, you can!check these out 72 tips to save money.
If you’ve only been able to cut your budget so far and can’t find a job that pays more than $24 an hour, consider supplementing your work with a side job during nights or weekends. This is as easy as doing research. swag backs while watching TV walking the dog on the rover on saturday morningor even start your own business. Check out 114 side hustle ideas here!